Rigetti Computing (NASDAQ:RGTI) Trading Down 1.8% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s share price fell 1.8% during mid-day trading on Wednesday . The company traded as low as $13.80 and last traded at $13.94. 20,426,528 shares were traded during trading, a decline of 62% from the average session volume of 54,319,100 shares. The stock had previously closed at $14.19.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RGTI shares. Needham & Company LLC decreased their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Benchmark reissued a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, B. Riley upped their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rigetti Computing presently has a consensus rating of "Buy" and a consensus target price of $14.00.

Rigetti Computing Price Performance

The stock has a market cap of $3.82 billion, a PE ratio of -34.60 and a beta of 1.41. The stock's fifty day moving average is $9.89 and its 200-day moving average is $9.54. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last posted its earnings results on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The company had revenue of $2.27 million for the quarter, compared to analyst estimates of $2.40 million. Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. During the same period in the previous year, the business posted ($0.04) EPS. As a group, equities analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling

In other news, CTO David Rivas sold 351,785 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares of the company's stock, valued at approximately $8,495,166.88. The trade was a 24.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently made changes to their positions in RGTI. Signaturefd LLC acquired a new position in Rigetti Computing during the fourth quarter worth $25,000. GAMMA Investing LLC grew its stake in shares of Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after buying an additional 3,064 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at $28,000. Center for Financial Planning Inc. purchased a new stake in shares of Rigetti Computing in the 1st quarter valued at $30,000. Finally, Quarry LP acquired a new position in Rigetti Computing during the 1st quarter worth about $31,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.